Sep
10
questions about personal loans (secured or non-secured)?
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with the credit i have which is the “poor or fair” standing with 601. It’s more than likely i’ll have to do a secured loan, but i have no savings, cds, or accounts or collateral. in such case am i screwed? do i have any other options? i need a loan anywhere from 1 grand to no more than 3 grand. most places make the minimum 3 grand or even 7 grand. i want to use it to pay off high interest credit cards, 3 credit cards with limits of 300 each. the remaining could pay off my 2 grand student loan. i just want them paid off to make my life easier. what can i do? i know i wont qualify for a non secured loan due to my credit problems in the past. help??
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4 Comments
September 14th, 2009 at 1:15 pm
Taking out another loan to shift your debts isn’t the answer. You are going to be the target of every scammer offering you loans and all you have to do is pay a bond or something up front.
Instead, work on paying off your debt. Three credit cards with $300 limits should take very long at all to clear up.
Make a strict budget. Eliminate all the extras — cell phone, eating out, newclothes, etc. Take every penny you can squeeze out of that budget and put it on the highest interest debt, while making minimum payments on the rest. When the highest rate is paid off, move to the next till they are all paid off.
You should be able to do this within one or two years. If you get a second job, it will go even faster.
September 18th, 2009 at 12:30 am
If you are saying your credit cards have a limit of $300 and are maxed out and a Student loan for $2000 you are actually not that bad off. If you have the income you can tackle these without any additional loans.
What you need to do is select one of your Credit Cards, such as the one with the highest interest rate. Pay only the minimum on the other 2 and the Student Loan. What ever you have left put it all on the remaining credit card to get it paid off as quickly as possible. If you can scrape money together from other places such as cutting out other expenses that would help more. Once it is paid off continue doing the same thing with the other 2 cards until they are paid off. Then tackle the Student loan. This may take you several months, but at the end you did not rack up any additional debt.
September 20th, 2009 at 10:53 am
People with poor credit feel that it is difficult to get personal loans. However, there are many financial companies and banks that provide loans to bad credit applicants. Bad credit personal loans are generally soughtThe interest rates on secured loans are lower than unsecured loans. However, there is always the risk of losing your house or property if the loan is not repaid.
September 21st, 2009 at 6:54 pm
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